According to a recent article in the daily mail (http://www.dailymail.co.uk/news/article-2022599/Take-home-pay-fallen-1-000-years-bank-crash.html) many of us are now even worse off than we were during the credit crash a couple of years ago. This may mean that demand for debt help will continue to grow over the up and coming years because take home pay has fallen, yet prices have risen. Many people will have been filling the gap left as a result of lower income and higher prices by using their credit cards or taking out loans to get by. Once the availability of new credit reaches its limit, the only option for many will be to seek professional debt advice.
What’s worrying for many consumers struggling to get by is that it’s unlikely that the government will want to take much action to keep inflation down. Higher inflation will erode away the huge debt mountain that the UK has amassed, and the government will be quite content to allow that to happen. In a normal climate, in which people would generally receive wage increases on an annual basis, the pain would not be so heart felt. However, as companies tighten their belts to get through the tough times, and employees have their wages frozen or hours reduced, the affects will be felt far more severely.
The best advice that UK Money Solutions can suggest to get through the tough times is to identify debt problems early and seek professional debt help. If you have seen your wages stagnate or fall, and this has led to you borrowing more to get by, then this is an early sign that a problem could be developing. Pick up the phone, call 08000 748 059 (Lines now open 24hrs) and let our debt advice experts put a plan in place to see you through the slump, and come out the other side stronger, financially stable and wiser for the experience.